FROM: Weil, Gotshal & Manges LLP
Contact: Adam Isserlis
Rubenstein Associates 212.843.9373
FOR IMMEDIATE RELEASE
Weil, Gotshal & Manges advises China’s largest technology enterprise in its acquisition of IBM’s global PC business
SHANGHAI (December 8, 2004)—In the largest M&A transaction to come out of China, Lenovo Group Limited (HKSE: 0992), China’s leading technology enterprise, announced that it has entered into a definitive agreement to acquire IBM’s global PC business and to form a strategic alliance with IBM. The consideration includes US$1.25 billion in cash and stock, plus certain assumed liabilities. Closing is expected to take place in the first half of 2005. Weil Gotshal acted as the coordinating counsel for Lenovo in this transaction.
“We are very pleased to have the opportunity to work on such a landmark transaction,” said Steven Xiang, managing partner of Weil Gotshal’s Shanghai office.
Stephen Dannhauser, Chairman of the Firm, commented, “This is the second major transaction that the Shanghai office has completed since opening in July, which shows we are capable of handling complex cross-border transactions in the most important emerging market in Asia.” In October this year, the Shanghai office advised Lenovo in the sale of it’s IT services business to software and solutions provider AsiaInfo Holdings, Inc., in a stock transaction valued at $36.3 million.
Steven Xiang led the Weil Gotshal team, assisted by counsel Suat Eng Seah, senior associates David Meredith, Feng Xue, Catherine Sun and Kevin Ban, associates Connie Dong and Zhang Ying, senior researcher Huijun Wang, and legal assistants Fiona Jin and Tony Zhu in Shanghai, as well as others in the firm’s New York, Washington DC and Silicon Valley offices.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,200 attorneys, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Shanghai, Silicon Valley, Singapore, Warsaw, Wilmington and Washington, D.C.